Independent Auditors' Report.....1-2 Management's Discussion and Analysis.....3-17 Financial Statements: Kentucky State University Statements of Net Assets.....18 Kentucky State University Foundation, Inc. Statement of Financial Position.....19 Kentucky State University Statements of Revenues, Expenses and Changes in Net Assets.....20-21 Kentucky State University Foundation, Inc. Statement of Activities.....22 Kentucky State University Statements of Cash Flows.....23-24 Kentucky State University Notes to the Financial Statements.....25-41 Kentucky State University Foundation, Inc. Notes to the Financial Statements.....41-44